In the wake of the Australian Transaction Reports and Analysis Centre's (AUSTRAC) announcement that it was ramping up its investigation into the anti-money laundering compliance at National Australia Bank (NAB), some have begun to question the culture at the bank, which is one of Australia's largest.
In recent years, a spate of risk management and compliance crises, coupled with internal document leaks demonstrating serious shortcomings, paint a grim picture of the bank's risk management processes.
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